NewsLocalEU Auditors: Cyprus Office faced 'substantial difficulties' as regards Investment Programme

EU Auditors: Cyprus Office faced ‘substantial difficulties’ as regards Investment Programme

The EU Contact Committee believes the Audit Office of the Republic of Cyprus has recently faced substantial difficulties when performing audits on the Cyprus Investment Programme.

In a statement released in Brussels on Monday the Committee specifically noted restrictions regarding timely, direct and free access to all relevant documents and information deemed necessary for audits.

As well as external attempts to influence its decisions concerning the publication of the corresponding reports.

The Cyprus Investment Programme allowed the Republic of Cyprus to grant citizenship in return for investments in Cyprus.

The programme is relevant not only to the EU as a whole, but also to individual Member States, because of the internal market rules, notably those on the free movement of goods, capital, services and people.

In order to ensure proper accountability, it is important to make it subject to public audit.

The Contact Committee and its members therefore have a particular interest in the programme’s unobstructed and effective audit by the Audit Office of Cyprus.

The EU Contact Committee is the assembly of the heads of supreme audit institutions of EU Member States and the European Court of Auditors.

 

 

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